In a short sale, the property is sold at a price where the sum does not equate with the remaining mortgage amount. In a short sale, the entire transaction goes to the lender, who can decide whether to forego the remaining balance or go for a deficiency judgment where the homeowner has to pay the remaining balance.

In a foreclosure, the borrower holds onto the property and conducts a sale when the mortgage defaults. And if the property is sold for a significantly huge, then the balance left after paying the default amount, and the taxes will be returned to the homeowner.

Medical emergencies or illnesses resulting in medical debt or excessive credit card debt can lead to foreclosures in Florida. Usually, when you buy expensive items like a property, you need to borrow a significant amount from money lenders like banks or other financial structures. And when you cannot repay the loan amount because of some unforeseen financial issue, the lender gets ownership of the property and lists it for sale to recover the loan amount.

You should also know that a foreclosure can affect your credit score and give you a hard time while applying for loans in the future or buying another property.

The non-judicial foreclosure is a faster and cheaper way for the lender to resolve a foreclosure. This type of foreclosure does not involve any lawsuit or court procedure, so it's faster.

In a judicial, the lender needs to file a lawsuit with the state court, and it includes a long legal procedure where the court summons the borrower and carries on the hearing for the same before finally resolving the issue. A non-judicial is like a tax deed sale where the lender does not need to go through a court process. The lender will send the owner a notice of delinquency and a time to pay off the debt. When the owner defaults even in the provided extended period, the property is deemed in a non-judicial foreclosure.

Typically a lender would require around 90 to 120 days to sell foreclosed homes in FL. However, this will be possible only when the procedure is non-judicial. But when the lender is not authorized to conduct a non-judicial foreclosure for a property and has to take the judicial path, it can be extended to several months to a few years for the process and the final resolution.

In the case of non-judicial processes, the lender should have a deed of trust that should be executed and recorded at the purchase or the loan agreement. This gives the lender the right to opt for a non-judicial foreclosure procedure in Florida

The rate of foreclosures in Tampa is second in the nation. However, this is an improvement from what it was a decade back. From 2007 to 2016, around 400,000 foreclosures took place in Florida, where in December 2010 alone, 49,000 foreclosed homes remained vacant.
But now, with proper initiatives from the government, the significant issues of unemployment and economic distress are controlled to a great extent leading to good numbers in house ownership and decreasing foreclosures. As for the third quarter of 2019, only 2073 foreclosures occurred in Florida. With this, the homeownership rates in Florida in 2019 exceeded the national average of 67.4%.

Equally important in Florida is following the non-judicial process of acquiring a deed of trust during the purchase. And with this, the lenders get to proceed with the help of a trustee's sale and can avoid the judicial process, which takes longer to resolve. Once a property is listed for foreclosure in Florida, the foreclosure auction begins, where the property is finally sold to the highest bidder. The bidder has to deposit $10 000 for a successful bid and gets one business day to make the full payment. With a successful bidding and final payment, the lender gets to recover the loan amount from the owner.